New Loan Offering: Bank Statement Loans
February 7, 2023
Bee now offers Bank Statement Loans!
To better serve self-employed borrowers who don’t show a lot of income each year, yet make a lot of money, Bee is now offering bank statement loans. These specialty loans allow qualified borrowers to be approved by providing personal or business bank statements, instead of income docs or tax transcripts.
- 640+ FICO, with LTVs up to 85% and no MI required
- Loan amounts up to $3M
- Up to 50% DTI
- Self-employed borrowers only
- For primary home loans:
- Loan amounts up to $1M — 6 months of reserves required
- Loan amounts between $1M up to $1.5M — 9 months of reserves required
- Loan amounts over $1.5M — 12 months of reserves required
- For second and investment property loans:
- Minimum 12 months of reserves required
- Minimum 12 months consecutive bank statements required
- Two appraisals from two different appraisers required for loans over $1.5M
- Income is derived from monthly deposits, not personal tax returns
- Additional underwriting terms and conditions still apply
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